Farm Credit Sees Black Ink
BY 808 MILLER
Farm Writer
What a difference a couple of
years can make! Following its
record losses in the wake of the
agricultural depression, the Farm
Credit System has battled back,
redesigned itself and become pro
fitable again.
Although Farm Credit directors
are quick to point out that there is
still a way to go, the revitalized
System’s economic strength is
good news for all farmers and
ranchers in rural America, since
the recovery has fostered
increased competition among ag
lenders, benefitting all borrowers.
Just how far the System has
come is seen in 1988’s net income
of $704 million, compared to a
combined three-year loss of $4.8
billion for 1985-1987. The
upward trend continued in the first
quarter this year, with net income
of $176 million, up $ll million
from the same period a year ago.
According to Sam Eberly,
chairman of the Farm Credit Cor
poration of America, the agricul
ture sector is in much sounder
shape than it was two or three
years ago. “Improved economic
conditions have made it easier for
most farmers to pay on their debts,
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which in turn has helped turn our
banks and associations around,”
he said.
“The health of the System
reflects the health of agriculture,”
Eberly noted. “When times are
tough for farmers, it’s typically
tough on the System as well. In
effect, what’s good for farmers is
good for the System, and vice
versa.”
The improved ag economy is
only one reason for the System’s
recovery, however. Another is
Farm Credit’s own commitment to
meet the changing needs of farm
ers and ranchers. “This really is a
new System,” Eberly said.
“We’ve listened to what members
really want: things like an
improved pricing system, fixed
and adjustable-rate loan products
and higher standards in customer
service - and these are all in place
and working.”
The System’s recent reorgani
zation is also yielding a more effi
cient credit delivery System for
borrowers. Mergers, consolida
tions and reduction in overhead
have helped reduce operating
costs $6O million in 1988 alone.
One Farm Credit program
which has made a big impact in
rural America is the restructuring
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of more than 62,000 problem
loans valued at $B.B billion.
“Whenever possible, we want to
keep fanners and ranchers on the
land,” Eberly said. “Our commit
ment to work with these troubled
borrowers has also assisted in our
recovery.”
Another big factor in the Sys
tem’s recovery has been the Agri
cultural Credit Act of 1987.
Although there were those who
criticized the $4 billion in assis
tance authorized by the Act, i>
appears that their reservations
were unwarranted. Less than one
fourth of the available government
assistance has been used up to
now, and the System will repay
Uncle Sam over time for all aid.
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Unionville, PA 18375
(215)347-2377
Country Craft Market
At PA All-American Show
HARRISBURG (Dauphin Co.)
The 2nd Annual Country Craft
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run at the State Farm Show Com
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ber 24th and continuing through
September 28th.
FREE ADMISSION AND
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oil paintings, etchings, rag dolls,
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Many of the craftsmen in atten
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